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Polygon NFT Sales up 191%, Here's How MATIC Price Reacted


u.today 30 November 2022 12:48, UTC
Reading time: ~2 m

Crypto analytics portal Messari reports that the number of Polygon-based NFT sales has increased by 191% since the end of September, the best result of any blockchain. This mark has been achieved by integrating Polygon's power into the infrastructure of top Web2 companies. In a short period of time, Starbucks, Instagram (Meta), Reddit and many others have used this Layer 2 blockchain's capabilities.

How have NFTs fared during the downturn?@0xPolygon saw a 191% increase in NFT sales since the end of September as Web2 companies attempted to fully integrate NFTs into their platforms.@Starbucks, @Reddit, and @Meta have all integrated with @0xPolygon. pic.twitter.com/pIgXQgdgwt

— Messari (@MessariCrypto) November 30, 2022

Polygon is currently fourth among all chains in terms of total NFT sales since the beginning of the year. However, it would be more interesting to see how Polygon's successes this autumn have affected the price of the fuel powering its network. We're talking about MATIC, currently ranked tenth among the largest crypto assets by CoinMarketCap.

Polygon (MATIC) price action is win-win

Looking at the MATIC chart, you can see that the technique fully correlated with the above-mentioned fundamentals, when the asset was in an accumulation phase since July and, in November, on a 32% momentum, started to increase rapidly in value.

Nevertheless, the famous FTX story happened next, and MATIC gave away all of its gains, collapsing to the support level around $0.805.

In total, looking at the MATIC monthly price chart, it can be said that it is breaking even for the last five months. Another thing is the MATIC chart against Bitcoin (BTC) or Ethereum (ETH), against which Polygon token showed 115% and 53.7%, respectively, during the same period of time.

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